Sports | April 30, 2019 11:24 am

Price Tag of 2028 LA Olympics Raised to Nearly $7 Billion

The budget reflects an increase of nearly $1.36 billion

Danae Jones poses with Olympic volunteers. (MARK RALSTON/AFP/Getty)
Danae Jones poses with Olympic volunteers. (MARK RALSTON/AFP/Getty)
AFP/Getty Images

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The anticipated cost of holding the 2028 Summer Olympics in Los Angeles has risen to $6.88 billion, a $1.36 billion increase from the previous estimate.

Financial numbers released by the organizing committee on Tuesday are largely the same as those in the original bid document; the increase primarily owes to accounting measures that take into account inflation over the long lead-up to the Games. The majority of the money will be spent in the later part of the 2020s, so it makes sense that the numbers would need adjustment to reflect the future value of the dollar.

If L.A. can run the Games without going over budget, it will be the first city to do so since … L.A., who did it 1984. There’s reason to believe the city can repeat the achievement, since they intend to hold the Games without building new stadiums or arenas and instead relying on existing infrastructure.

Next year’s Olympics in Tokyo originally were budgeted at $7.3 billion, but organizers now anticipate costs will run in the neighborhood of $12.6 billion.